The twin journals, Der Osterreichische Volkswirt (The Austrian Economist) and Der Deutsche Volkswirt (The German Economist) were created by Gustav Stolper, godfather of Joseph Schumpeter, first in Vienna and then after the First World War, in Berlin. Schumpeter was to become a frequent contributor of the Berlin-based journal, which combined a successful blend of economic analysis and political and business insider knowledge which Stolper gained with his famous and sought after parties at his Wannsee villa. The two publications offer a kaleidoscope of many different ideas and concepts, some of which are addressed in this book, including philosophy, demography, monetary aspects, foreign developments, employment policy, and politics. The personal and professional contributions of Gustav Stolper and his secretary, Lilo Linke, are also discussed. Very little has been published on these early ventures into economic journalism, and this book will appeal to anyone studying economic journalism or the economic history of early twentieth century Europe."

This book discusses the work of German economists Gustav von Schmoller and Adolph Wagner, its influence on the tradition of German and Austrian economic and social thought, and its implications for the discipline today. Schmoller and Wagner integrated philosophical, historical, sociological and political approaches into the science of economics, focusing specifically on economic development. Schmoller, who is considered the head of the second generation of the German Historical School, argued that general propositions of economic theory had to be based on historical-empirical studies. In contrast, Wagner was a systematologist who preferred to start his investigations into economic problems from abstract principles. Schmoller and Wagner share, however, a common focus on institutions and the role of the state; Wagner favored state policy initiatives, while Schmoller was concerned with the risks of state policy failure. One hundred years after their deaths, the contributions to this book look into their approach, trace the influence of their ideas, and explore the relevance of their thought in a global economy. This book will be useful for students and scholars interested in socio-economics, the history of economic thought, economic policy, and political science.

This book discusses the work of German economists Gustav von Schmoller and Adolph Wagner, its influence on the tradition of German and Austrian economic and social thought, and its implications for the discipline today. Schmoller and Wagner integrated philosophical, historical, sociological and political approaches into the science of economics, focusing specifically on economic development. Schmoller, who is considered the head of the second generation of the German Historical School, argued that general propositions of economic theory had to be based on historical-empirical studies. In contrast, Wagner was a systematologist who preferred to start his investigations into economic problems from abstract principles. Schmoller and Wagner share, however, a common focus on institutions and the role of the state; Wagner favored state policy initiatives, while Schmoller was concerned with the risks of state policy failure. One hundred years after their deaths, the contributions to this book look into their approach, trace the influence of their ideas, and explore the relevance of their thought in a global economy. This book will be useful for students and scholars interested in socio-economics, the history of economic thought, economic policy, and political science.

This book was prompted by the current, lingering financial crisis, which has its basis in the disorderly financial practices of the United States. These practices have resulted in an accumulated debt which now requires the United States to run financial policies at artificially low interest rates. In principle, these low interest rates should flood the markets with ready money. Since the spread for banks is very thin, however, and they must carefully discriminate between available risks and finance only those propositions with no risk, credit is not abundantly available. With staggering foreign debt and a myriad of other perils looming, this great nation is at peril for sure. In the tradition of the Heilbronn Symposium, the authors look at historical cases as a means of understanding the current situation and informing possible solutions to a problem that continues to affect the global economy. The volume analyzes cases such as Prussia, Greece, Italy, Estonia, and the European Union. This book will be of interest to scholars and students of economic history as well as policy makers who may benefit from an historical understanding of the economic challenges their countries currently face.

In Europe, the liberation of the serfs was a project initiated in 1806 with a scheduled completion date of 1810. It was obvious to those who planned the project that the liberation of the serfs involved a complete overhaul of agriculture as it was then known as Europe moved from feudalism to capitalism. For this reason, Prussia was careful in implementing the reform, and did not rush, after seeing the Kingdom of Westphalia perishing under its crushing debt accumulated in part from Napoleon's failed Russian campaign. The basic hypothesis of this book is that slave labor can never be efficient and will therefore disappear by itself. However, this process of disappearance can take many years. For instance, two generations after the importation of slaves to North America had ended, the states still fought over the issue, and this despite the fact that Ely Whitney had invented the Cotton Gin in 1793 and already then made slavery in cotton production literally superfluous. While there have been several books on the economics of American slavery, few studies have examined this issue in an international context. The contributions in this book address the economics of unfree labor in places like Prussia, Westphalia, Austria, Argentina and the British Empire. The issue of slavery is still a hotly debated and widely studied issue, making this book of interest to academics in history, economics and African Studies alike.

One of the last Prussian Reforms during the Napoleonic Era was the constitution of local autonomy for the cities. Proof of its lasting importance is that it was the cities that carried out the deficit-based employment policies of the early 1930s also had to carry the burden of a democratic reconstitution of Germany in the postwar period. After the crushing defeat at Napoleon's hands, likewise the reconstitution of Prussia fell to the cities. Today, the same constellation of problems can be found on different stages. Europe, as it is growing together, faces a democracy deficit which ultimately will have to be addressed by the cities. The countries in transition and undergoing transformation likewise will have to find arenas for democratic decision making, which likely will be at the municipal level. Finally, the United States of America also faces a quagmire at the federal level which ultimately will have to be resolved at the state or local level. Contributions to this book examine all of these issues, making it of interest to students in urban studies, public administration, history and political science as well as policy-makers concerned with local government and autonomy.

This reader in the history of economic thought challenges the assumption that today's prevailing economic theories are always the most appropriate ones. As Leland Yeager has pointed out, unlike the scientists of the natural sciences, economists provide their ideas largely to politicians and political appointees who have rather different incentives that might prevent them from choosing the best economic theory. In this book, the life and work of each of the founders of economics is examined by the best available expert on that founding figure. These contributors present rather novel and certainly not mainstream interpretations of the founders of modern economics. The primary theme concerns the development of economic thought as this emerged in the various continental traditions including the Islamic tradition. These continental traditions differed substantially, both substantively and methodologically, from the Anglo-Saxon orientation that has been dominant in the last century for example in the study of public finance or the very construct of the state itself. This books maps the various channels of continental economics, particularly from the late-18th through the early-20th centuries, explaining and demonstrating the underlying unity amid the surface diversity. In particular, the book emphasizes the writings of John Stuart Mill, his predecessor David Ricardo and his follower Jeremy Bentham; the theory of Marginalism by von Thunen, Cournot, and Gossen; the legacy of Karl Marx; the innovations in developmental economics by Friedrich List; the economic and monetary contributions and "struggle of escape" by John Maynard Keynes; the formidable theory in public finance and economics by Joseph Schumpeter; a reinterpretation of Alfred Marshall; Leon Walras, Heinrich von Stackelberg, Knut Wicksell, Werner Sombart, and Friedrich August von Hayek are each dealt with in their own right.

The twin journals, Der OEsterreichische Volkswirt (The Austrian Economist) and Der Deutsche Volkswirt (The German Economist) were created by Gustav Stolper, godfather of Joseph Schumpeter, first in Vienna and then after the First World War, in Berlin. Schumpeter was to become a frequent contributor of the Berlin-based journal, which combined a successful blend of economic analysis and political and business insider knowledge which Stolper gained with his famous and sought after parties at his Wannsee villa. The two publications offer a kaleidoscope of many different ideas and concepts, some of which are addressed in this book, including philosophy, demography, monetary aspects, foreign developments, employment policy, and politics. The personal and professional contributions of Gustav Stolper and his secretary, Lilo Linke, are also discussed. Very little has been published on these early ventures into economic journalism, and this book will appeal to anyone studying economic journalism or the economic history of early twentieth century Europe.

Physiocracy, or the economic theory that a nation's wealth comes from is agricultural and land development, was a popular school of thought in France in the 18th century. The contribution and significance of the Physiocrats and Antiphysiocrats are explored in detail through chapter contributions by economists, philosophers, and social historians. The book concludes that neither the Physiocrats, nor the Antiphysiocrats were pure profit maximizers and that they all had the well-being of the commonwealth in mind. It brings to light previous studies only conducted in German and is the first analysis of Pfeiffer in a century, making the book of interest to any student or scholar of political economy and the history of economic thought. The contribution and significance of the Physiocrats and Antiphysiocrats are explored in detail through chapter contributions by economists, philosophers, and social historians. It brings to light previous studies only conducted in German and is the first analysis of Pfeiffer in a century, making the book of interest to any student or scholar of political economy and the history of economic thought.

This book examines utopias in classical political economy and is based on the papers presented by leading scholars at the 22nd Heilbronn Symposium in the Economics and the Social Sciences. The book focuses on the tension between the State and utopia (the State as utopia vs. utopia instead of a state). The contributors also study the question of whether seafaring and landlocked states visualize the commonwealth differently and develop different utopias, and it is concluded they do not. The volume therefore follows the refutation of the Schumpeterian Hypothesis that more concentrated industries stimulate innovation. Though the hypothesis is refuted it still remains important, the chapters argue, because it charts out an entire research program, serves as a benchmark of definite public and private sector boundaries, and defines the grammar of discourse for constitutional economic policy in OECD states. These themes are explored in detail through contributions by economists, philosophers, and social historians. The contributors examine utopias hitherto never or rarely reviewed in the English language, making this book of interest to students and scholars in economics, political science and the history of economic thought.

The Handbook of Public Finance provides a definitive source, reference, and text for the field of public finance. In 18 chapters it surveys the state of the art - the tradition and breadth of the field but also its current status and recent developments. The Handbook's intellectual foundation and orientation is truly multidisciplinary. Throughout its examination of the standard material of public finance, it explores the connections between that material and such neighboring fields as political science, sociology, law, and public administration. The editors and contributors to the Handbook are distinguished scholars who write clearly and accessibly about the political economy of government budgets and their policy implications. To address the needs and interests of international scholars, they place European issues next to the American agenda and give attention to the issues of transformation in Central Eastern Europe and elsewhere. General Editors: Jurgen G. Backhaus, University of Erfurt Richard E. Wagner, George Mason University Contributors: Andy H. Barnett, Charles B. Blankart, Thomas E. Borcherding, Rainald Borck, Geoffrey Brennan, Giuseppe Eusepi, J. Stephen Ferris, Fred E. Folvary, Andrea Garzoni, Heinz Grossekettaler, Walter Hettich, Scott Hinds, Randall G. Holcombe, Jean-Michel Josselin, Carla Marchese, Alain Marciano, William S. Peirce, Nicholas Sanchez, David Schap, A. Allan Schmid, Russell S. Sobel, Stanley L. Winer, Bruce Yandle.

In Europe, the liberation of the serfs was a project initiated in 1806 with a scheduled completion date of 1810. It was obvious to those who planned the project that the liberation of the serfs involved a complete overhaul of agriculture as it was then known as Europe moved from feudalism to capitalism. For this reason, Prussia was careful in implementing the reform, and did not rush, after seeing the Kingdom of Westphalia perishing under its crushing debt accumulated in part from Napoleon's failed Russian campaign. The basic hypothesis of this book is that slave labor can never be efficient and will therefore disappear by itself. However, this process of disappearance can take many years. For instance, two generations after the importation of slaves to North America had ended, the states still fought over the issue, and this despite the fact that Ely Whitney had invented the Cotton Gin in 1793 and already then made slavery in cotton production literally superfluous. While there have been several books on the economics of American slavery, few studies have examined this issue in an international context. The contributions in this book address the economics of unfree labor in places like Prussia, Westphalia, Austria, Argentina and the British Empire. The issue of slavery is still a hotly debated and widely studied issue, making this book of interest to academics in history, economics and African Studies alike.

One of the last Prussian Reforms during the Napoleonic Era was the constitution of local autonomy for the cities. Proof of its lasting importance is that it was the cities that carried out the deficit-based employment policies of the early 1930s also had to carry the burden of a democratic reconstitution of Germany in the postwar period. After the crushing defeat at Napoleon's hands, likewise the reconstitution of Prussia fell to the cities. Today, the same constellation of problems can be found on different stages. Europe, as it is growing together, faces a democracy deficit which ultimately will have to be addressed by the cities. The countries in transition and undergoing transformation likewise will have to find arenas for democratic decision making, which likely will be at the municipal level. Finally, the United States of America also faces a quagmire at the federal level which ultimately will have to be resolved at the state or local level. Contributions to this book examine all of these issues, making it of interest to students in urban studies, public administration, history and political science as well as policy-makers concerned with local government and autonomy.

This reader in the history of economic thought challenges the assumption that today's prevailing economic theories are always the most appropriate ones. As Leland Yeager has pointed out, unlike the scientists of the natural sciences, economists provide their ideas largely to politicians and political appointees who have rather different incentives that might prevent them from choosing the best economic theory. In this book, the life and work of each of the founders of economics is examined by the best available expert on that founding figure.These contributors present rather novel and certainly not mainstream interpretations of the founders of modern economics.

The primary theme concerns the development of economic thought as this emerged in the various continental traditions including the Islamic tradition.These continental traditions differed substantially, both substantively and methodologically, from the Anglo-Saxon orientation that has been dominant in the last century for example in the study of public finance or the very construct of the state itself.This books maps the various channels of continental economics, particularly from the late-18th through the early-20th centuries, explaining and demonstrating the underlying unity amid the surface diversity. In particular, the book emphasizes the writings of John Stuart Mill, his predecessor David Ricardo and his follower Jeremy Bentham; the theory of Marginalism by von Thunen, Cournot, and Gossen; the legacy of Karl Marx; the innovations in developmental economics by Friedrich List; the economic and monetary contributions and "struggle of escape" by John Maynard Keynes; the formidable theory in public finance and economics by Joseph Schumpeter; a reinterpretation of Alfred Marshall; Leon Walras, Heinrich von Stackelberg, Knut Wicksell, Werner Sombart, and Friedrich August von Hayek are each dealt with in their own right."

Traditional firm structures are currently undergoing drastic change. The changes that the traditional firm is currently undergoing will permit active involvement of labor at all levels of the firm's decision-making process, offer workers substantial job security, protect workers' firm specific investment against excessive losses, guarantee workers at least market rates of return on their human capital and will allow labor a major role in shaping the firm's work rules and the production environment. These changes pose an enormous challenge to practitioners and policy-makers alike. The difficulties of appropriately modeling the new codetermined firms are also formidable. The present collection of papers furnishes building blocks for a better analysis of complex firm structures. The present effort is designed to be a "workbook," a point of departure on which new research and teaching is to be built, and a work of reference on what has already been accomplished.

Physiocracy, or the economic theory that a nation's wealth comes from is agricultural and land development, was a popular school of thought in France in the 18th century. The contribution and significance of the Physiocrats and Antiphysiocrats are explored in detail through chapter contributions by economists, philosophers, and social historians. The book concludes that neither the Physiocrats, nor the Antiphysiocrats were pure profit maximizers and that they all had the well-being of the commonwealth in mind. It brings to light previous studies only conducted in German and is the first analysis of Pfeiffer in a century, making the book of interest to any student or scholar of political economy and the history of economic thought. The contribution and significance of the Physiocrats and Antiphysiocrats are explored in detail through chapter contributions by economists, philosophers, and social historians. It brings to light previous studies only conducted in German and is the first analysis of Pfeiffer in a century, making the book of interest to any student or scholar of political economy and the history of economic thought.

Ju] rgen G. Backhaus 1 Johann Heinrich Gottlob (von) Justi was born in 1702 in Bru] cken in Prussia (county of Sangerhausen), studied law and cameral sciences in Wittenberg and Jena, yet had to leave the university, entered the Prussian military service, was captured during the Austrian war of succession by the Austrians but escaped to Leipzig (Saxony) where he studied mineral sciences. In 1750 he was called to a chair ''Cameral Sciences and Rhetorics'' at the new Theresian Academy of Knights in Vienna. There, he gave two important inaugural lectures which are the focal point of this book. In 1754, Justi was appointed a mineral counsellor in Gottingen ] (Hanover), and lectured at the Saxonian University on both state sciences and natural sciences. In 1762, Frederic II (the Great) of Prussia appointed him Prussian captain (highest supervisory position) of mines and general supervisor of fiscal-mineral activities. In 1768 he was accused of embezzlement, and before he could prove his innocence, he died in 1771 as a prisoner in the (decaying) fortress of Ku] strin. Due to his death, the case was never decided. But Frederic had obviously made his own decision. When he appointed Justi, the appointee pointed out that he was suffering from weak eye sight and could not readily check the bookkeeping. Frederic replied: You may have weak eyes but you have a bright mind. I shall put two eyes by your side."

Friedrich Nietzsche's influence on the development of modern social sciences has not been well documented. This volume reconsiders some of Nietzsche's writings on economics and the science of state, pioneering a line of research up to now unavailable in English. The authors intend to provoke conversation and inspire research on the role that this much misunderstood philosopher and cultural critic has played - or should play - in the history of economics.

In this thought-provoking collection, ten international scholars offer reflections and new interpretations of Walras and Pareto 's unique contributions to topics including the importance of the social sciences, the development of modern microeconomics and econometrics, political economy and public choice, and political sociology. Their insights will interest researchers and scholars of economic history, political sociology, and the social sciences.

Social sciences and economics have undergone enormous progress. While certain topics have been fully researched, others have remained largely under-researched or ignored. It is this discrepancy which prompted the research paradigm of "Crossing Bridges." For this volume, ten authors have joined forces to address the problem of under-researched topics, focusing in particular on gaps in interdisciplinary research between economics and other social sciences.

During the late 19th and throughout the 20th century, social sciences in general and economics in particular have undergone enormous progress. This has led to something of an embarrassment of riches. While certain topics have been fully researched to the point where the marginal benefit from further research is approaching zero, others have remained largely under-researched or were being ignored altogether. It is this discrepancy which prompted the research paradigm of ?Crossing Bridges?. For this volume, ten authors have joined forces to address the problem of under-researched topics, focussing in particular on gaps in interdisciplinary research between economics and other social sciences such as linguistics, art and cultural history. Making use of interdisciplinary methods and approaches, the book makes a case for stronger bonds between the different fields of social science.

One may have various reasons for compiling a volume of papers devoted to and inspired by Walras and Pareto. Pareto succeeded Walras in 1893 on the chair of Political Economy at the University of Lausanne. The relation between the two was not always without tensions, although Pareto, on the occasion of his 25 years jubilee celebration, at least in part, transferred the honours offered to him to Walras. Indeed, one may say that to a substantial extent important parts of the works of Pareto would not have been possible without the insights of Walras. Both eminent scientists also have in common that the image of their inheritance professed to the common university trained economic scholars ('cutes') is a highly restricted caricature of the fullnes of their essential insights and contributions, and students of sociology or politicology may even finish their academic studies without ever having heard the name of Pareto. What cutes know about Walras amounts to the following caricature. Walras developed the general economic equilibrium model, but did not care about uniqueness and stability of an equilibrium. who announces price vectors to establish the equilibrium. The model presupposes perfect information and is static and certainly not dynamic. Walras had a bias towards free competition and laisser faire and neglected monopoly and taxation. Pareto is known by the cutes as the founding father of welfare economics. At best, one is informed the notions of Pareto-optimality conditions and the first and second welfare theorems. But welfare economics is in general disappearing from the university research and teaching programs, replaced as it is by consumer and producer surpluses in the nowadays flourishing partial industrial economics programs. In this thought-provoking collection, ten international scholars offer reflections and new interpretations of Walras' and Pareto's unique contributions to topics as broad as the over-arching important of the social sciences, the development of modern microeconomics and (in particular) econometrics, political economy and public choice, and political sociology. economic history, political sociology, and the social sciences.

Until now, Friedrich Nietzsche's influence on the development of modern social sciences has not been well documented. This volume reconsiders some of Nietzsche's writings on economics and the science of state and in doing so pioneers a line of research not previously available in English. Here, twelve scholars consider Nietzsche's historical and contemporary relevance, which has ranged from the highly serious (Schumpeter writings on creative destruction) to the pop cultural (the early works of Ayn Rand). Several papers present strong evidence of Nietzsche as an influencer of modern economists; others see him more as an influencer of influencers; and one sees little influence at all. Most of the contributions refer extensively to works previous unpublished (or poorly translated) in English. The editors do not intend to present a thorough overview or definitive description of Nietzsche's place in economics. Rather, they hope to initiate conversations and research that explore the role this much misunderstood philosopher/cultural critic may have played, or perhaps should play, in the history of economic thought.

The Handbook of Public Finance provides a definitive source, reference, and text for the field of public finance. In 18 chapters it surveys the state of the art - the tradition and breadth of the field but also its current status and recent developments. The Handbook's intellectual foundation and orientation is truly multidisciplinary. Throughout its examination of the standard material of public finance, it explores the connections between that material and such neighboring fields as political science, sociology, law, and public administration.

The editors and contributors to the Handbook are distinguished scholars who write clearly and accessibly about the political economy of government budgets and their policy implications. To address the needs and interests of international scholars, they place European issues next to the American agenda and give attention to the issues of transformation in Central Eastern Europe and elsewhere.

General Editors: JA1/4rgen G. Backhaus, University of Erfurt
Richard E. Wagner, George Mason University
Contributors: Andy H. Barnett, Charles B. Blankart, Thomas E. Borcherding, Rainald Borck, Geoffrey Brennan, Giuseppe Eusepi, J. Stephen Ferris, Fred E. Folvary, Andrea Garzoni, Heinz Grossekettaler, Walter Hettich, Scott Hinds, Randall G. Holcombe, Jean-Michel Josselin, Carla Marchese, Alain Marciano, William S. Peirce, Nicholas Sanchez, David Schap, A. Allan Schmid, Russell S. Sobel, Stanley L. Winer, Bruce Yandle.

Ju] rgen G. Backhaus 1 Johann Heinrich Gottlob (von) Justi was born in 1702 in Bru] cken in Prussia (county of Sangerhausen), studied law and cameral sciences in Wittenberg and Jena, yet had to leave the university, entered the Prussian military service, was captured during the Austrian war of succession by the Austrians but escaped to Leipzig (Saxony) where he studied mineral sciences. In 1750 he was called to a chair ''Cameral Sciences and Rhetorics'' at the new Theresian Academy of Knights in Vienna. There, he gave two important inaugural lectures which are the focal point of this book. In 1754, Justi was appointed a mineral counsellor in Gottingen ] (Hanover), and lectured at the Saxonian University on both state sciences and natural sciences. In 1762, Frederic II (the Great) of Prussia appointed him Prussian captain (highest supervisory position) of mines and general supervisor of fiscal-mineral activities. In 1768 he was accused of embezzlement, and before he could prove his innocence, he died in 1771 as a prisoner in the (decaying) fortress of Ku] strin. Due to his death, the case was never decided. But Frederic had obviously made his own decision. When he appointed Justi, the appointee pointed out that he was suffering from weak eye sight and could not readily check the bookkeeping. Frederic replied: You may have weak eyes but you have a bright mind. I shall put two eyes by your side."